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Is Form 16 necessary to file an income tax return in India?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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4 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Form-16 is a document issued by employer to employee about salaries paid, Perquisites offered, details of deductibles and TDS deducted pertaining to the previous financial year. This is the basic document which is required by the employee to file income tax returns because Form-16 contains income chargeable under the head “Salaries” which is the taxable salary. The same needs to be indicated in Income Tax Returns. Form 16 is necessary to file an income tax return in India because Firstly, Form 16 acts as a check for you to verify whether your employer has deposited the whole amount of TDS that he may have deducted from your salary. Secondly, it will enable you to file Income tax return disclosing the correct taxable income and various deductions from your salary like EPF, Profession tax and TDS.

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Open uri20170510 32134 ng4pv?1494421709 answered

**Form-16** is a document issued by employer to employee about salaries paid, Perquisites offered, details of deductibles and TDS deducted pertaining to the previous financial year. This is the basic document which is required by the employee to file income tax returns because Form-16 contains income chargeable under the head “Salaries” which is the taxable salary. The same needs to be indicated in Income Tax Returns. **Form 16** is necessary to file an income tax return in India because Firstly, Form 16 acts as a check for you to verify whether your employer has deposited the whole amount of TDS that he may have deducted from your salary. Secondly, it will enable you to file Income tax return disclosing the correct taxable income and various deductions from your salary like EPF, Profession tax and TDS. Further, it is the obligation of the employer to provide a **Form 16** to all employees by 31 May of the assessment year (AY), otherwise, the employer can be liable to pay a penalty of Rs. 100 for each day by which he delays issuance of this certificate.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

To file your IT return, form 16 is not mandatory. To receive information about tax deducted at source by employer(which is form 16) , you can get that information through form 26AS. To calculate your taxable income put together the net salary from all the payslips you have received from your employer in the financial year. visit [CAKART provides the best video Lecture and Online classes, coaching for Chartered Accountant CA FINAL, CA Intermediate | CA IPCC, CA Foundation | CA CPT Exams; Company Secretary CS FINAL] to avail discount use my ambassador code :CAKARTAMB1671782 for more article visit https://www.cakart.in/blog http://cakart.in

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Picsjoin 2017224123730582 answered

Hie Preetham, **Part B of your Form 16** gives the composition of your annual salary in terms of taxable and non-taxable elements, such as Basic Salary, Travelling Allowance, House Rent Allowance, Provident Fund contribution (of both employee and employer), etc. **Further, Part A of the Form 16** reflects the amount of TDS deducted by your employer from your remuneration and deposited with the Income Tax Department for your credit. It is your lawful right to receive a Form 16 from your employer by 30th April (i.e. within one month of end of the financial year). Otherwise, the employer can be liable to pay a penalty of Rs. 100 for each day by which he delays issuance of this certificate. It is necessary for you to have a Form 16 before you file your Income Tax Return because it will enable your tax return preparer to fill in the correct taxable amount of your remuneration (as the amount you receive in your bank account is after various deductions, and your taxable salary may include the imputed value of various other benefits that you may receive from your employer). It will be extremely difficult for anyone to determine the correct taxable figures without your Form 16. However, having a Form 16 for filing of return is not a mandatory condition. Form 16 also acts as a check for you to verify whether your employer has deposited the whole amount of TDS that he may have deducted from your salary.

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